JMS Upgrades Tetra Tech (TTEK) to Buy
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Janney Montgomery Scott upgrades Tetra Tech (Nasdaq: TTEK) from Neutral to Buy and raises its price target from $25 to $28.
After Tetra Tech announced another upside earnings surprise yesterday, in addition to raised guidance for the next quarter, the firm admits that it was previously too conservative on Tetra Tech's outlook. The firm calls Tetra Tech "so well-positioned in key growth markets." JMS raised its FY09 EPS estimate from $1.06 to $1.13, versus the Street estimate of $1.09.
JMS said its $28 price target on Tetra Tech is based on 25x the firm's FY09 EPS estimate and 12x EV/EBITDA.
Tetra Tech, Inc. provides consulting, engineering, construction, and technical services for resource management and infrastructure in the United States and internationally.
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